Journalize the transactions in windsors general journal

Assignment Help Financial Accounting

Reference no: EM133560614

Chapter pertains to current liabilities and partnerships. Use "Good Form." Use the tables below or add more rows if needed.

1. The following transactions of Windsor Enterprises occurred in 2024 and 2025:

Jul. 31, 2024 Purchased a delivery truck at a cost of $14,000, signing a six-month, 8% note payable for that amount.
Aug. 31, 2024 Recorded the month's sales of $105,000 ($40,000 for cash and the balance on credit). Sales amounts are subject to a 6% state sales tax (cash sales also paid sales taxes in cash). Ignore cost of goods sold.
Sept. 20, 2024 Paid the August sales tax to the state.
Dec. 31, 2024 Accrued warranty expense, which is estimated to be 3% of sales of $748,500.
Dec. 31, 2024 Accrued interest on the outstanding note payable.
Jan. 31, 2025 Paid off the note from July 31, 2024.

Journalize the transactions in Windsor's general journal. Explanations are not required. Round to the nearest dollar.

2. Nancy and Betty enter into a partnership agreement where they decide to share profits according to the following rules:

(a) Nancy and Betty will receive salaries of $1,600 and $11,500 respectively as the first allocation.

(b) The next allocation is based on 20% of each partner's capital balances.

The partnership's net income for the first year is $50,000. Nancy's capital balance is $91,000 and Betty's capital balance is $9,000 at the end of the year.

Calculate the share of profit/loss to be allocated to Nancy and Betty.

3. The balance sheet of Richard and Patty's partnership as of December 31, 2024, is given below.

Assets Liabilities
Cash $ 50,000 Accounts Payable $ 15,000
Furniture 25,000
Partners' Equity
Richard, Capital 30,000
Patty, Capital 30,000
Total assets $ 75,000 Total liabilities and partners' equity $ 75,000

Richard and Patty share profits in the ratio 3:1. They have decided to liquidate the partnership. They sold the furniture for $28,000.

Journalize the 1) sale of the assets, 2) allocation of the gain, 3) payment of liabilities, and 4) distribution of cash to the partners.

Reference no: EM133560614

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